‘It’s a Big Moment’ – Max on Legora’s Raise

Legora has just raised $550m with a post-money valuation of $8.8 billion – a huge step by any reckoning. Artificial Lawyer asked CEO, Max Junestrand, some questions about what the latest funding round and the company’s rapid expansion means to him, as well as about his long-term vision for the company. Hint: he’s thinking in terms of decades…! One can only imagine how massive Legora will be in 10 years from now.

What does this mean to you personally?

Mostly, it makes me think about how fast it’s happened. Three years ago we were a handful of people working out of a law firm’s meeting room in Stockholm. Today more than 140,000 legal professionals at more than 2,400 law firms and in-house teams use Legora. I’m proud we got here by building with our customers from day one. It’s a big moment for the whole team, and for those customers too.

You stressed the long-term aspect of the funding and your plans. What does that long-term vision look like?

We’re building Legora to be around for decades. AI makes a lot of legal work possible that’s too expensive or slow to do today, so more of it gets done. We want the Legora aOS to be where that work happens, with agents taking on whole pieces of work, from a single contract to a whole deal, and lawyers directing them and standing behind the result. We’re still at the very start of what it can do.

Why are in-house teams becoming such a high-growth area?

In-house legal teams are being asked to keep up with a business that moves faster every year, usually without adding people. They also see their outside law firms using AI and want the same for their own team.

The product has caught up with their day-to-day work too, from sorting incoming legal requests to reviewing contracts in volume. A year ago in-house teams were a small fraction of our customers. In the third quarter they were more than 40% of new ones.

What is the goal for revenue in the next 12 months?

It took us less than 18 months to go from $1 million to $100 million in annual recurring revenue, and less than six months to add the next $100 million. We’re now above $200 million. We’ve also run at a positive gross margin from the start, and it keeps improving. We don’t put a public number on the next 12 months, but we plan to keep growing, and this round will help us do that even faster.

Thanks Max and congratulations! Here’s to the decades to come!

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Picture: main and inside article – used with permission from Legora, original credit Vicki Couchman / The Sunday Times / News Licensing.

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Legal Innovators UK Conference – London – Nov 4 + 5 – Express Tickets 

Legal Innovators UK, on November 4 and 5 in London at the Minster Building, is right around the corner and Express Registration is now open so you can zoom straight to your tickets.

Day One will focus on law firms, and Day Two is for the inhouse world. Both days will also very much be about our great speakers exploring the cutting edge of legal technology; where we have got to with AI; and how all of this changes how you run your firm, practice group, or inhouse legal team.

To pick up your tickets, please follow the link below. Complimentary passes are for those working inside law firms and within corporate legal teams.

And there are many reasons to attend, from networking with literally hundreds of your peers, to hearing from those at the cutting edge of legal innovation – both at major law firms and corporates – to of course seeing all the latest capabilities that the leading legal tech companies have developed. See you there!